William Brown
appointed 3M Chief Executive Officer,
Michael Roman appointed 3M Executive Chairman effective May 1, 2024
ST.
PAUL, Minn., March 12,
2024 /PRNewswire/ -- 3M
(NYSE: MMM) today announced that William M. "Bill" Brown is
appointed chief executive officer, effective May 1, 2024. He succeeds Michael Roman, who is appointed to the role of
Executive Chairman of the 3M Board of
Directors, also effective May 1,
2024.
"Bill's strong track record as a CEO for a global technology
company makes him the right leader for 3M," said Roman. "He brings a wealth of
experience in strategic leadership, innovation, and operational
excellence to 3M. I look forward to
working with him to build on our momentum in my new role as
executive chairman."
"I am excited for the opportunity to lead this iconic global
company," said Brown. "The company has made significant positive
changes under Mike's leadership, and I am looking forward to
building on that progress as CEO as 3M continues to deliver for its customers,
shareholders, employees, and communities around the globe."
Brown, 61, is the former Chairman of the Board and Chief
Executive Officer of L3Harris Technologies, a global innovator in
aerospace and defense technology solutions, where he served as
chief executive officer and chairman, and then executive chair from
June 2019 to June 2022. Brown previously served as chairman,
president, and chief executive officer of Harris Corporation prior
to its merger with L3 Technologies in 2019. He joined Harris
Corporation in November 2011 as
president and chief executive officer. Prior to Harris Corporation,
Brown spent 14 years at United Technologies Corporation (UTC)
serving in a variety of leadership roles.
Brown holds bachelor's and master's degrees in mechanical
engineering from Villanova University,
as well as an MBA from The Wharton School, University of Pennsylvania. He is the former Chair
of the Aerospace Industries Association (AIA) Board of Governors
and formerly a member of AIA's Executive Committee.
Roman will continue to chair 3M's Board of Directors and provide
insights from his more than 35 years with 3M to the company's strategic direction as
executive chairman of the board. He has served as 3M's CEO since
July 2018.
3M also announced that the Board
of Directors waived the mandatory retirement age of 65 years for
Roman and Brown.
Forward-Looking Statements
This news release contains
forward-looking statements about 3M's financial results and
estimates and business prospects that involve substantial risks and
uncertainties. You can identify these statements by the use of
words such as "plan," "expect," "aim," "believe," "project,"
"target," "anticipate," "intend," "estimate," "will," "should,"
"could," "would," "forecast" and other words and terms of similar
meaning in connection with any discussion of future operating or
financial performance or business plans or prospects. Among the
factors that could cause actual results to differ materially are
the following: (1) worldwide economic, political, regulatory,
international trade, geopolitical, capital markets and other
external conditions and other factors beyond the Company's control,
including inflation, recession, military conflicts, natural and
other disasters or climate change affecting the operations of the
Company or its customers and suppliers; (2) foreign currency
exchange rates and fluctuations in those rates; (3) risks related
to certain fluorochemicals, including liabilities related to
claims, lawsuits, and government regulatory proceedings concerning
various PFAS-related products and chemistries, as well as risks
related to the Company's plans to exit PFAS manufacturing and
discontinue use of PFAS across its product portfolio; (4) risks
related to the proposed class-action settlement to resolve claims
by public water systems in the United
States regarding PFAS; (5) legal proceedings, including
significant developments that could occur in the legal and
regulatory proceedings described in the Company's Annual Report on
Form 10-K for the year ended Dec. 31,
2023 and any subsequent quarterly reports on Form 10-Q (the
"Reports"); (6) competitive conditions and customer preferences;
(7) the timing and market acceptance of new product and service
offerings; (8) the availability and cost of purchased components,
compounds, raw materials and energy due to shortages, increased
demand and wages, supply chain interruptions, or natural or other
disasters; (9) unanticipated problems or delays with the phased
implementation of a global enterprise resource planning (ERP)
system, or security breaches and other disruptions to the Company's
information technology infrastructure; (10) the impact of
acquisitions, strategic alliances, divestitures, and other
strategic events resulting from portfolio management actions and
other evolving business strategies; (11) operational execution,
including the extent to which the Company can realize the benefits
of planned productivity improvements, as well as the impact of
organizational restructuring activities; (12) financial market
risks that may affect the Company's funding obligations under
defined benefit pension and postretirement plans; (13) the
Company's credit ratings and its cost of capital; (14) tax-related
external conditions, including changes in tax rates, laws or
regulations; (15) matters relating to the proposed spin-off of the
Company's Health Care business; and (16) matters relating to Combat
Arms Earplugs ("CAE"), including those relating to, the
August 2023 settlement that is
intended to resolve, to the fullest extent possible, all litigation
and alleged claims involving the CAE sold or
manufactured by the Company's subsidiary Aearo Technologies and
certain of its affiliates and/or 3M.
Changes in such assumptions or factors could produce significantly
different results. A further description of these factors is
located in the Reports under "Cautionary Note Concerning Factors
That May Affect Future Results" and "Risk Factors" in Part I, Items
1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports). The Company assumes no obligation to update
any forward-looking statements discussed herein as a result of new
information or future events or developments.
About 3M
3M (NYSE: MMM) believes science helps create a
brighter world for everyone. By unlocking the power of people,
ideas and science to reimagine what's possible, our global team
uniquely addresses the opportunities and challenges of our
customers, communities, and planet. Learn how we're working to
improve lives and make what's next at 3M.com/news.
Investor Contact:
Bruce
Jermeland
(651) 733-1807
or
Diane Farrow
(612) 202-2449
or
Eric Herron
(651) 233-0043
Media Contact:
Sean
Lynch
Slynch2@mmm.com
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SOURCE 3M Company